Thermo Fisher Scientific (TMO) Stock Analysis

October 14, 2026

This is a peer-relative look at Thermo Fisher Scientific (TMO): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Pharmaceuticals, Biotechnology & Life Sciences peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for Thermo Fisher Scientific (TMO)
Profile Item	TMO
Name	Thermo Fisher Scientific Inc.
Country/Region	United States
GICS Sector	Health Care
GICS Industry Group	Pharmaceuticals, Biotechnology & Life Sciences
GICS Industry	Life Sciences Tools & Services
GICS Sub-Industry	Life Sciences Tools & Services
Market Capitalization	244.86 billion USD
Currency	USD
Exchange	NYSE
Listing Date	March 17, 1980
Security Type	Common Stock

Price Performance

Cumulative Growth

TMO

GSPC

Thermo Fisher Scientific (TMO) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Thermo Fisher Scientific (TMO) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Thermo Fisher Scientific (TMO) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Thermo Fisher Scientific (TMO) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: TMO	Industry group median
Total Return (1Y)	26.32%	20.69%
Total Return (3Y, Annualized)	11.36%	16.87%
Total Return (5Y, Annualized)	3.15%	-3.09%

Risk Profile

Drawdown History

TMO

GSPC

Thermo Fisher Scientific (TMO) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Thermo Fisher Scientific (TMO) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Thermo Fisher Scientific (TMO) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: TMO	Industry group median
Volatility (1Y, Annualized)	29.00%	65.45%
Beta (5Y)	0.85	0.98
Max Drawdown (5Y)	-40.95%	-79.62%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. TMO is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Thermo Fisher Scientific (TMO) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: TMO	Industry group median
Sharpe Ratio (1Y)	0.75	0.28
Sortino Ratio (1Y)	1.15	0.47

Profitability

ROE (TTM)

Thermo Fisher Scientific (TMO) posts ROE of 13.52%, in the upper peer quartile. That suggests the company earns more from each dollar of shareholders’ equity than most industry peers, a useful capital-efficiency signal.

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

13.52%

Group distribution

Max: 102.29%
TMO: 13.52%
Q3: 4.90%
Median: -28.58%
Q1: -64.07%
Min: -157.61%

Largest peers

LLY: 102.29%
NVS: 30.35%
JNJ: 25.74%
AZN: 21.97%
TMO: 13.52%
MRK: 6.96%
ABBV: --

Where Thermo Fisher Scientific (TMO) stands on ROE within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Thermo Fisher Scientific (TMO) keeps 15.04% of revenue as net profit, putting net margin in the upper peer quartile. After operating costs, interest, and taxes, more of each sales dollar reaches shareholders than it does at most industry peers.

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

15.04%

Group distribution

Max: 18.88%
TMO: 15.04%
Q3: 4.25%
Median: 0.00%
Q1: -5.61%
Min: -20.05%

Largest peers

LLY: 33.53%
NVS: 22.50%
JNJ: 21.48%
AZN: 17.02%
TMO: 15.04%
ABBV: 9.80%
MRK: 4.77%

Where Thermo Fisher Scientific (TMO) stands on net margin within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Thermo Fisher Scientific (TMO) turns 18.75% of revenue into operating profit, putting operating margin in the upper peer quartile. Before financing and taxes enter the picture, the day-to-day business keeps more of each sales dollar than most industry peers.

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

18.75%

Group distribution

Max: 76.04%
TMO: 18.75%
Q3: 12.70%
Median: 0.00%
Q1: -69.09%
Min: -182.62%

Largest peers

LLY: 54.22%
ABBV: 40.04%
NVS: 34.62%
JNJ: 29.19%
AZN: 23.46%
TMO: 18.75%
MRK: -0.24%

Where Thermo Fisher Scientific (TMO) stands on operating margin within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Thermo Fisher Scientific (TMO) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: TMO	Industry group median
ROE (TTM)	13.52%	-28.58%
ROA (TTM)	5.13%	-13.26%
Net Margin (TTM)	15.04%	0.00%
Operating Margin (TTM)	18.75%	0.00%
Gross Margin (TTM)	40.99%	34.59%

Growth

Revenue Growth

Thermo Fisher Scientific (TMO) grew revenue 3.91%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

Thermo Fisher Scientific (TMO): Revenue Growth across different time periods, set against Pharmaceuticals, Biotechnology & Life Sciences industry-group medians.

EPS Growth

Thermo Fisher Scientific (TMO) grew earnings per share 7.32%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

Thermo Fisher Scientific (TMO): EPS Growth across different time periods, set against Pharmaceuticals, Biotechnology & Life Sciences industry-group medians.

Growth Metrics

Thermo Fisher Scientific (TMO) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: TMO	Industry group median
Revenue Growth (YoY)	3.91%	10.61%
Revenue Growth (3Y CAGR)	-0.27%	10.74%
EPS Growth (YoY)	7.32%	3.52%
EPS Growth (3Y CAGR)	0.21%	4.17%

Financial Strength

Current Ratio (MRQ)

Thermo Fisher Scientific (TMO) has current ratio of 1.55, in the tighter-liquidity quartile for its industry. The short-term cushion is thinner than most peers carry, even if the absolute comfort level still depends on the business model.

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

1.55

Group distribution

Max: 26.10
Q3: 12.14
Median: 5.44
Q1: 2.50
TMO: 1.55
Min: 0.10

Largest peers

TMO: 1.55
LLY: 1.36
MRK: 1.32
JNJ: 1.09
AZN: 0.89
NVS: 0.86
ABBV: 0.81

Where Thermo Fisher Scientific (TMO) stands on current ratio within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Thermo Fisher Scientific (TMO) has debt-to-equity ratio of 0.81, in the higher-leverage quartile for its industry. The heavier reliance on borrowing can make earnings, rates, or refinancing conditions matter more.

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.81

Group distribution

Max: 1.69
TMO: 0.81
Q3: 0.69
Median: 0.15
Q1: 0.02
Min: 0.00

Largest peers

LLY: 1.62
MRK: 1.28
NVS: 1.17
TMO: 0.81
AZN: 0.64
JNJ: 0.58
ABBV: --

Where Thermo Fisher Scientific (TMO) stands on debt-to-equity ratio within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Thermo Fisher Scientific (TMO) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: TMO	Industry group median
Current Ratio (MRQ)	1.55	5.44
Debt / Equity (MRQ)	0.81	0.15
Net Debt / EBITDA	3.28	1.18

Dividends

Dividend Yield (TTM)

Thermo Fisher Scientific (TMO) has dividend yield of 0.27%, above the entire industry range. That headline income is large, but yields this far above peers often come from a falling share price or an at-risk payout, so dividend safety matters more than the percentage itself.

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

0.27%

Group distribution

TMO: 0.27%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

NVS: 3.25%
ABBV: 2.47%
MRK: 2.28%
AZN: 2.03%
JNJ: 2.00%
LLY: 0.55%
TMO: 0.27%

Where Thermo Fisher Scientific (TMO) stands on dividend yield within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Thermo Fisher Scientific (TMO) has payout ratio of 9.69%, above the peer distribution for its industry. The dividend consumes more reported earnings than peers normally do, leaving unusually thin earnings cover.

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

9.69%

Group distribution

TMO: 9.69%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

MRK: 266.67%
ABBV: 190.40%
NVS: 71.60%
JNJ: 60.72%
AZN: 46.95%
LLY: 21.69%
TMO: 9.69%

Where Thermo Fisher Scientific (TMO) stands on payout ratio within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Thermo Fisher Scientific (TMO) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: TMO	Industry group median
Dividend Yield (TTM)	0.27%	0.00%
Dividend Payout Ratio (TTM)	9.69%	0.00%

Valuation

P/E Ratio (TTM)

Thermo Fisher Scientific (TMO) trades at P/E ratio of 35.64, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

35.64

Group distribution

Max: 86.43
Q3: 46.76
TMO: 35.64
Median: 29.36
Q1: 15.13
Min: 0.11

Largest peers

MRK: 115.44
ABBV: 80.78
LLY: 39.70
TMO: 35.64
JNJ: 30.56
AZN: 23.53
NVS: 21.73

Where Thermo Fisher Scientific (TMO) stands on P/E ratio within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Thermo Fisher Scientific (TMO) trades at 5.28 on P/S ratio, roughly in the peer group’s normal range. The market is not making a strong cheap-or-rich statement about its revenue base.

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

5.28

Group distribution

Max: 56.49
Q3: 25.78
Median: 7.13
TMO: 5.28
Q1: 3.29
Min: 0.01

Largest peers

LLY: 13.24
ABBV: 7.72
JNJ: 6.49
MRK: 5.39
TMO: 5.28
NVS: 4.82
AZN: 4.00

Where Thermo Fisher Scientific (TMO) stands on P/S ratio within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Thermo Fisher Scientific (TMO) trades at 4.65 on P/B ratio, roughly in line with the industry’s normal price-to-book range. Its balance sheet is not being priced at a clear discount or premium versus peers.

TMO

Pharmaceuticals, Biotechnology & Life Sciences industry group

4.65

Group distribution

Max: 14.72
Q3: 7.03
TMO: 4.65
Median: 3.57
Q1: 1.83
Min: -5.39

Largest peers

LLY: 31.12
MRK: 8.56
JNJ: 7.47
NVS: 6.58
AZN: 4.88
TMO: 4.65
ABBV: -83.69

Where Thermo Fisher Scientific (TMO) stands on P/B ratio within its Pharmaceuticals, Biotechnology & Life Sciences peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Thermo Fisher Scientific (TMO) metric values compared with Pharmaceuticals, Biotechnology & Life Sciences industry-group medians
Metric	Current stock: TMO	Industry group median
P/E Ratio (TTM)	35.64	29.36
P/S Ratio (TTM)	5.28	7.13
P/B Ratio (MRQ)	4.65	3.57
Free Cash Flow Yield (TTM)	2.55%	-1.66%